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The Bramer Bank will soon be replaced by a new entity belonging to the government: the National Commercial Bank (NCB). Announcement made by the Minister of Finance, Vishnu Lutchmeenaraidoo.

As explained by the minister, the NCB will provide “full banking services” once all the required transfers from Bramer to the NCB have been made.

The new bank will have its licence issued by the end of this week. In the meantime, the Bramer Bank will continue offering its services as a temporary authorisation from the BoM was given out.

Also, the State Bank of Mauritius (SBM) will aid the process of the transition. It is to be noted that the SBM had initially offered to buy the institution before changing its mind.